Israel’s Nym Health, a provider of autonomous medical coding technology, brought in $25 million in new funding led by Addition. This brings Nym’s total funding to date to $47.5 million.
The new round of fundraising by Nym Health comes less than a year after a $16.5 million Series A round of funding led by GV (formerly Google Ventures).
Nym deals with medical coding, accelerating the billing process by automatically assigning the most accurate medical codes required for medical reimbursement. Medical coding is traditionally a manual process, performed today by more than 250,000 medical coders. Coders manually review each patient chart and assign the applicable medical codes required for billing.
In recent years medical coding became even more problematic, with the addition of tens of thousands of codes and guidelines making it extremely challenging to code correctly. Coding related denials lead to over $15 billion in lost revenues to U.S. healthcare providers annually.
Nym boasts that it transforms revenue cycle management with direct-to-billing, fully autonomous medical coding that reduces insurance denials and operational expenses, accelerates payment-cycles, and maximizes audit-readiness for healthcare providers.
Another exciting milestone! Thrilled to have #Addition join us & work alongside our investors to scale Nym. Huge thanks to our incredible team & all who have supported us along the way. We’re just getting started! #MedicalCoding #RevenueCycleManagement https://t.co/R5VQ6XfoOL
— Nym (@NymHealth) July 27, 2021
“COVID has shown provider organizations that solely relying on people to perform business critical work is unsustainable. We saw demand for our platform surge amid the global pandemic, when hospitals and urgent care centers across the US found they needed to work faster, smarter and more efficiently under the most challenging of circumstances,” said Nym Health CEO Amihai Neiderman. “We are thrilled to have Addition join us and work alongside all of our investors to aggressively grow and scale Nym, leveraging our clinical language understanding engine to revolutionize the medical billing code process.”
Aaron Schildkrout of Addition, who previously served as Head of Data & Growth at Uber, added: “Antiquated, manual billing processes typically result in coding-related denials from insurers that add up to billions in lost revenue annually for healthcare providers, but Nym’s automated, auditable medical coding platform is a game-changer. Nym is poised to transform revenue cycle management by significantly improving the speed and precision of billing, reducing denial rates and traditional staffing costs, and, in turn, enabling human coders to focus their attention on more complex cases and follow-up queries.”